Sigaba Joins Anti-Phishing Working Group

Sigaba has built its reputation on providing protected information sharing for its customers in financial services, healthcare, and government, and will bring this expertise to APWG efforts. Phishing attacks use spoofed emails and fraudulent Web sites to trick recipients into sharing personal data such as credit card numbers, account passwords, and social security numbers. Forbes Magazine cites phishing as the fastest-growing cybercrime. The Federal Trade Commission (FTC) estimates that identity theft costs U.S. businesses $50 to $60 billion each year, and that 56 percent of identity theft incidents are related to banking activities. Corporations have a stake in addressing the phishing problem to protect their customers from identity theft and also to protect their own brands and reputations. Sigaba promotes and provides best practices and technology to help corporations and government agencies protect consumers and retain the trust that is fundamental to Web-based initiatives. Sigaba advocates the use of strong push solutions in customer communications, the complete authentication of the sender, and combining authentication and encryption.